If you are a first time buyer or have not owned a  
    home in 3 years, learn more about how you can
    take advantage of the $7500 tax credit when you
    purchase a home between April 9, 2008 and June
    30, 2009.  Consult your accountant or tax advisor to
    see if it makes sense for you.


 "BUY NOW” MAKING MORE SENSE 
  THAN EVER WITH $7,500 CREDIT.

    Declining home prices and low interest rates have
    created a favorable buyers market! Recent headlines
    have been touting that many real estate markets have
    turned to the point that homeowners would be paying
    less per month for their home owning it rather than
    renting it.

    On top of this, the Housing and Economic Reform Act
    of 2008 does actually have some provisions that could
    make a difference in our housing markets.

    One really interesting piece that was included in this
    legislation is that for first-time homebuyers,they have a
    window to qualify for up to a $7,500 tax credit. The
    tax credit will be 10% of the purchase price of a home,
    up to a maximum of the full $7500 credit.

    The tax credit will have to be paid back over a period of
    15 years…but Washington just provided first time
    homebuyers a 15-year interest free loan to help them
    buy a home!

    Another factor to consider is that mortgage guidelines
    will probably tighten more over the next year and
    mortgage prices will likely rise due to increased delivery
    fees.

  DON'T MISS THIS GREAT BUYING 
  OPPORTUNITY!

    For parents or grandparents that would consider helping
    their kids buy a new home this is also a perfect time to
    jump on board and help out.

    It should also be noted that most of the news stories
    have gone way overboard on new lending guidelines by
    portraying a market where there is almost no way to get
    a mortgage.

    THIS IS NOT TRUE! We can still do loans with as little
    as 3% down. Fixed rates, interest only and adjustable
    rate products are all still available.

  START YOUR SEARCH NOW!

 Courtesy of: 
  Julie Wallach
  Senior Mortgage Consultant
  Direct (847) 878-5757
  Julie@PillarHomeLoan.com

 PROGRAM OUTLINE

    • The home must be located in the U.S. and must be the taxpayer’s principal residence. The home does not literally have to be the taxpayer’s first home.

    • The home must have been purchased from April 9, 2008 through June 30,2009, inclusive.

    • A special rule allows taxpayers who purchase a principal residence in the first six months of 2009 to treat the purchase as if made on Dec. 31, 2008.

    • The $7,500 maximum credit applies to both individuals and married couples filing a joint return. A married individual filing separately can claim a maximum credit of $3,750.

    • The credit is refundable, meaning that households with incomes too low to owe income tax can benefit from it.

    • In the second year after purchase, taxpayers who took the credit must start paying back the credit in equal installments over 15 years, with no interest charge.

    • If the taxpayer sells the home (or the home ceases to be the principal residence of the taxpayer or the spouse) before complete repayment of the credit, any remaining credit is due on the tax return for the year in which the home is sold (or ceases to be the principal residence).